Huntington Place to Remain Affordable

Property News

A deal was recently struck between Brooklyn Park and nonprofit developer Aeon to keep the city’s largest affordable apartment complex from charging market rates, potentially pricing out tenants.

The city’s Economic Development Authority loaned $5 million to Aeon toward its $80 million purchase of Huntington Place Apartments. The 51-year-old complex offers 834 one-bedroom units with rent at or below 60% of renters’ median income.

Previous owner Plymouth-based Dominium acquired the property in 1996 and notified the city last year of its intent to sell the apartment complex, said Mayor Jeff Lunde.

Click to read more in the Star Tribune.

Click to read more in the Sun Post.

Click to read more in the Commercial Property Executive.

Click to read more in the Multi-Housing News.